Civic Intelligence

Budokan Inc.

990 • Fiscal year 2022 • EIN 82-2237366

Jan 01, 2022 to Dec 31, 2022 • Filed on Jun 30, 2023

Organization ProfileWWW.TERASAKIBUDOKAN.ORG
231 E Third Street G-106Los Angeles, CA 90013

(213) 473-3030

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

95th percentile

1.03x

Higher debt load relative to assets than 95% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

99th percentile

102.63x

Higher debt load relative to revenue than 99% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

1st percentile

-372%

Higher net margin than 1% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

36th percentile

-3.6%

Faster asset growth than 36% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

41st percentile

0.0%

Faster revenue growth than 41% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$29,667,033

Down $1,104,442 (-3.6%) from 2021

Net Assets

Down

-$814,967

Down $1,104,442 (-382%) from 2021

Liabilities

Flat

$30,482,000

Flat from 2021

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin1st percentile

Revenue

Flat

$297,000

Flat from 2021

Expenses

Up

$1,403,156

Up $36,138 (+2.6%) from 2021

Net Income

Down

-$1,106,156

Down $36,138 (-3.4%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth36th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0-$10MAssets 2018: $32,544,070Liabilities 2018: $30,989,377Net Assets 2018: $1,554,6932018Assets 2019: $33,743,291Liabilities 2019: $32,139,098Net Assets 2019: $1,604,1932019Assets 2020: $31,904,313Liabilities 2020: $30,546,534Net Assets 2020: $1,357,7792020Assets 2021: $30,771,475Liabilities 2021: $30,482,000Net Assets 2021: $289,4752021Assets 2022: $29,667,033Liabilities 2022: $30,482,000Net Assets 2022: -$814,9672022Assets 2023: $28,597,344Liabilities 2023: $30,482,000Net Assets 2023: -$1,884,6562023Assets 2024: $27,506,412Liabilities 2024: $30,482,000Net Assets 2024: -$2,975,5882024

Highlighted filing

2022

Assets$29,667,033
Liabilities$30,482,000
Net Assets-$814,967
Open 2022 Filing

Operations Trend

Revenue Growth41st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2018: $1,583,683Expenses 2018: $5,000Net Income 2018: $1,578,6832018Revenue 2019: $49,500Expenses 2019: $1,714Net Income 2019: $47,7862019Revenue 2020: $298,659Expenses 2020: $546,787Net Income 2020: -$248,1282020Revenue 2021: $297,000Expenses 2021: $1,367,018Net Income 2021: -$1,070,0182021Revenue 2022: $297,000Expenses 2022: $1,403,156Net Income 2022: -$1,106,1562022Revenue 2023: $297,000Expenses 2023: $1,368,403Net Income 2023: -$1,071,4032023Revenue 2024: $297,000Expenses 2024: $1,389,646Net Income 2024: -$1,092,6462024

Highlighted filing

2022

Revenue$297,000
Expenses$1,403,156
Net Income-$1,106,156
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Jun 30, 2023
Return Version
2022v5.0
Gross Receipts
$297,000
Mission and Program Overview

Mission

To provide a facility in downtown los angeles for youth, families and seniors that offers sports, community activities and opportunities to connect visitors to japanese american culture and to a vibrant, sustainable little tokyo.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$28,828,944$27,956,789▼ $872,155
Intangible Assets$1,036,732$1,002,365▼ $34,367
Cash and Non-Interest-Bearing Accounts$885,758$707,879▼ $177,879
Total Assets$30,771,475$29,667,033▼ $1,104,442
Other Assets Total$20,041$0▼ $20,041
Liabilities
Mortgage Notes Payable Secured by Investment Property$30,482,000$30,482,000→ $0
Accounts Payable and Accrued Expenses$0$0→ $0
Total Liabilities$30,482,000$30,482,000→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$289,475$-814,967▼ $1,104,442
Total Net Assets Fund Balance$289,475$-814,967▼ $1,104,442
Total Liabilities and Net Assets / Fund Balance$30,771,475$29,667,033▼ $1,104,442

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$24,648,762$1,584,954$26,233,716
Leasehold Improvements$2,932,300$403,017$3,335,317
Equipment$375,727$119,737$495,464
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
Bill WatanabeChair of the Board
Keith TerasakiDirector
Silvia YoshimizuDirector
Erich NakanoSecretary
Alan KosakaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$297,000
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-1,106,156

Audited Revenue Reconciliation

Revenue per Audited Statements
$297,000
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$297,000
Total Revenue per Form 990
$297,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,403,156
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$908,236--$908,236
Interest$367,956--$367,956
Fees for Services Other$106,643--$106,643
Other Expenses$20,141$180-$180
Total Functional Expenses$1,402,976$180$0$1,403,156

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,403,156
Expenses per Audited Statements$1,401,442
Total Expenses per Audited Statements$1,401,442
Expenses Not Reported on Financial Statements$1,714
Other Expense Adjustments$1,714
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“A copy of form 990 is provided to the organization's governing body for review prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Each director, principal, officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person has received, read and understands, and has agreed to comply with budokan, inc's conflicts of interest policy.”

Form 990, Part VI, Section C, Line 19

“Budokan, inc. Makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Budokan Inc
EIN
82-2237366
Phone
2134733030
Address
231 E THIRD STREET G-106, LOS ANGELES, CA 90013

Signing Officer

Name
Erich Nakano
Title
Secretary
Phone
2134733030
Signed
2023-06-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Erich Nakano
Formed
2017
Legal Domicile
CA
Voting Board Members
5
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
DAUBY O'CONNOR & ZALESKI LLC
Address
501 CONGRESSIONAL BLVD 300, CARMEL, IN 46032
Preparer
Robert J Doyle Jr
Phone
3178485700
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Book/tax difference - organization costs 1,714.”

Financial Statement Notes

PART X, LINE 2:

“The corporation is exempt from federal income tax under section 501(c)(3) of the internal revenue code and state income tax and has been classified as an other than private foundation. Accordingly, no provision for federal and state taxes on revenue and income has been recognized in the accompanying consolidated financial statements. Even though the corporation is recognized as tax exempt, it still may be liable for tax on its unrelated business income (ubi). The corporation evaluates uncertain tax positions through its review of the sources of income to identify ubi and certain other matters, including those which may affect its tax exempt status. The effect of the uncertainty would be recorded if the outcome was considered probable and reasonably estimable. As of december 31, 2022 and 2021, the corporation had no uncertain tax positions requiring accrual.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Book/tax difference - organization costs”

Raw XML Appendix379 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX AND HAS BEEN CLASSIFIED AS AN OTHER THAN PRIVATE FOUNDATION. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. EVEN THOUGH THE CORPORATION IS RECOGNIZED AS TAX EXEMPT, IT STILL MAY BE LIABLE FOR TAX ON ITS UNRELATED BUSINESS INCOME (UBI). THE CORPORATION EVALUATES UNCERTAIN TAX POSITIONS THROUGH ITS REVIEW OF THE SOURCES OF INCOME TO IDENTIFY UBI AND CERTAIN OTHER MATTERS, INCLUDING THOSE WHICH MAY AFFECT ITS TAX EXEMPT STATUS. THE EFFECT OF THE UNCERTAINTY WOULD BE RECORDED IF THE OUTCOME WAS CONSIDERED PROBABLE AND REASONABLY ESTIMABLE. AS OF DECEMBER 31, 2022 AND 2021, THE CORPORATION HAD NO UNCERTAIN TAX POSITIONS REQUIRING ACCRUAL.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1BOOK/TAX DIFFERENCE - ORGANIZATION COSTS
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 4B - OTHER ADJUSTMENTS:
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IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF FORM 990 IS PROVIDED TO THE ORGANIZATION'S GOVERNING BODY FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EACH DIRECTOR, PRINCIPAL, OFFICER AND MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON HAS RECEIVED, READ AND UNDERSTANDS, AND HAS AGREED TO COMPLY WITH BUDOKAN, INC'S CONFLICTS OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BUDOKAN, INC. MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BOOK/TAX DIFFERENCE - ORGANIZATION COSTS 1,714.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
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IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
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IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0LTSC COMMUNITY DEVELOPMENT CORPORATION
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IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsEOYAmt029667033
IRS990/TotalAssetsGrp/BOYAmt030771475
IRS990/TotalAssetsGrp/EOYAmt029667033
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0180
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01402976
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IRS990/TotalLiabilitiesGrp/EOYAmt030482000
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0297000
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0297000
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
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IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0WWW.TERASAKIBUDOKAN.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ERICH NAKANO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SECRETARY
ReturnHeader/BusinessOfficerGrp/PhoneNum02134733030
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-06-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BUDOKAN INC
ReturnHeader/Filer/BusinessNameControlTxt0BUDO
ReturnHeader/Filer/EIN0822237366
ReturnHeader/Filer/PhoneNum02134733030
ReturnHeader/Filer/USAddress/AddressLine1Txt0231 E THIRD STREET G-106
ReturnHeader/Filer/USAddress/CityNm0LOS ANGELES
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CA
ReturnHeader/Filer/USAddress/ZIPCd090013
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0351750664
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DAUBY O'CONNOR & ZALESKI LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0501 CONGRESSIONAL BLVD 300
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CARMEL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd046032
ReturnHeader/PreparerPersonGrp/PhoneNum03178485700
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROBERT J DOYLE JR
ReturnHeader/ReturnTs02023-07-05T14:44:08-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0ERICH
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0NAKANO
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$29,667,033
Liabilities
$30,482,000
Net assets
-$814,967
Revenue
$297,000
Expenses
$1,403,156
Net income
-$1,106,156
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$27.5$30.5$2.98$0.30$1.39$1.09
2023Detailed filing. Detailed filing data is available for this year.$28.6$30.5$1.88$0.30$1.37$1.07
2022Detailed filing. Detailed filing data is available for this year.$29.7$30.5$0.81$0.30$1.40$1.11
2021Detailed filing. Detailed filing data is available for this year.$30.8$30.5$0.29$0.30$1.37$1.07
2020Detailed filing. Detailed filing data is available for this year.$31.9$30.5$1.36$0.30$0.55$0.25
2019Detailed filing. Detailed filing data is available for this year.$33.7$32.1$1.60$0.05$0.00$0.05
2018Detailed filing. Detailed filing data is available for this year.$32.5$31.0$1.55$1.58$0.01$1.58